Many people know that they should be saving for retirement but it is often difficult to delay more immediate needs. Further, too many of us believe that investing is for the rich. This could not be further from the truth and I wish someone broke this down for me earlier. Investing is for EVERYONE.
In this episode, I share some tips on how to start investing with as little as $50 - $100 a month. I talk about:
1. It all starts with a good budget. A good budget empowers you to tell your money where to go. Read this post to learn how to create a budget that works.
2. Investing enough to get your employer match on your retirement savings/investments
3. What to do if you don't have an employer retirement plan
4. Prioritizing taking advantage of tax-deferred accounts first
5. Taking advantage of government perks like the Savers credit in the USA and the Lifetime ISA in the UK
When it comes to investing, procrastination is costly! Start today, with what you have and as your income grows, increase your contributions. Your 60-year-old self will be so proud of you.
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